Following points have been discussed in Weekly Analysis(14-02-2011 to 18-02-2011) and will be kept in mind to decide coming months Indian markets:-
1- Jan 2011 begun correction was Wave-4,which corrected Wave-3 rally(3919-6339) and Wave-5 begun after last week support at Wave-3 Corrections Rising Trend Line(5177).
2- After complete analysis of weekly and Daily indicators it is confirm that Pull Back rally/Relief rally/Bounce back is very much due.
3- Indian markets got good support at 5177 and moves below does not seems possible. Maximum down move last technical possibility is at 5130(calculations have been posted in weeekly). As per my view bottom has been formed and Nifty will not dip below 5177.
Global markets are positive today morning and sentiment is also heated therefore some voltality after intraday correction can not be ruled out today but rally will remain continued. Safe traders may wait for buying after completion of intraday corrections.